Starting My Own Business

Topics: Small business, Taxation in the United States, Taxation Pages: 5 (677 words) Published: December 5, 2014
Starting my own business
I have often thought about opening and running my own business. Although it will not be an easy task especially in this economy, I have confidence in myself. The kind of business I’m looking forward to opening is a Deli/Bakery. My business partner has extensive knowledge in the field. The thought of a small business and with the direct customer contact is very appeling to us. Food is a necessity that no one can be without. The demand for food will only increase as our population rises. Starting a business takes more than an idea; it takes certain kind of person, planning, financial and hard work. There are steps that one must follow to make a business successful. One of the first and most important things to do is write a business plan. This paper will describe the nature of your business and define the marketplace needs to sustain. It will explain how your product and service meets this need as well as describe the competitive advantages that will make your business a success. A good location, well train personal and efficient operation are good example of this. A market analysis should be executed to properly secure funding from a traditional loan or venture capitalists. With that said I’m going to start talking about my own business plan, as I mention before I’m looking forward to opening a Deli/Bakery. I would like to open this business around the University of New Haven; located in West Haven, Ct. the school will be constructing a new building which will have capacity for more than 6,000 students. It will have offices for banks, shops and other small businesses. A Deli in this location will prosper due to a big population base and the rush life we live with everyone always on the move we never have time to make our own breakfast or lunch. Marketing will be an essential part to maintain and grow business. The more people are aware of what I’m selling and how to find me will help to establish my company’s identity in the market. Although it is increasingly harder to get financing for a restaurant, it is not impossible. Between banks, small business agencies and private investors, financial backing is available. As a incorporating your business or forming an LLC with the state is important. To protects your personal assets from business debts and liabilities. Other benefits of forming a corporation or LLC include tax advantages and greater credibility with customers, vendors and business partners. It’s always a good idea to hire a professional like an accountant and attorney, as you look for them get referrals from friends or family, and look for professionals who have worked with other small business owners or companies in your specific industry. Get necessary tax identification numbers, licenses and permits. A federal tax identification number, or employer identification number (EIN), acts like a social security number and is required for corporations and LLCs that will have employees, Many licenses and permits take several weeks, even months to be approved. So as soon as you know you are good to go with your financing, you should start filling the paperwork. Common licenses and permits for restaurants, regardless of state include liquor licenses, food service license, sign permits and workers compensation. Insure your business; discuss your needs with your insurance agent to get the right type and amount of insurance. Remember to look into any other government tax and insurance requirements that might apply to your business, especially if you have employees. For example: Unemployment insurance

Workers' compensation
OSHA requirements
Federal tax
State and local tax
Self-employment tax
Payroll tax requirements (such as FICA, federal unemployment tax, and state unemployment tax) Sales and use tax
Owning a restaurant is a good opportunity. It is hard work once you get your restaurant up and running, but it is a rewarding business. By setting up your restaurant in the...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Starting a Business Essay
  • starting your own business Essay
  • my business plan Essay
  • Starting a Business Online, Part 1 Research Paper
  • Dream of starting My Own business Essay
  • Essay about Starting your own small business
  • Starting your own Business Essay
  • Essay on Starting a Business

Become a StudyMode Member

Sign Up - It's Free